In essence, a POS system is an all-in-one way to keep track of your business's cash flow.
Features to consider in a POS system include the following: Perhaps the most valuable way POS systems help you gain better control of your business is through their reporting features.
Not only does a POS system track every penny of your sales, many POS programs also act as credit card processors.
This makes swiping credit cards more secure for both the customer and the business.
This computerized system allows business owners to track sales, cash flow, food inventory and can help simplify your bookkeeping enormously.
The high volume of cash and credit cards that pass through a restaurant each day make a POS system a necessity.The most obvious drawback to any POS system is that it is a computer, and subject to all the same technological whims.If it happens to crash and you don’t have a backup, then you risk losing all your data, not just sales, but profit and loss statements and payroll statements. You may end up spending it on your tech guy, to help set up the POS and perform any troubleshooting.You can slice and dice sales data in a variety of ways to determine what products are selling best at what time, and to figure out everything from the optimal ways to arrange shelves and displays to what promotions are working best and when to change seasonal promotions.Reporting capabilities available in POS programs include sales, costs, and profits by individual inventory items, by salesperson, or by category for the day, month and year to date.Important stuff that the IRS may want to examine some day. A POS system doesn’t have the same lifespan as a good old fashioned cash register.You will need to replace parts, update software and eventually need to replace it entirely with a new model.New POS systems come with limited warranties and tech support, but just like every other piece of equipment, the problems always seem to start after the warranty has run out.If you are planning a very small operation, such as bagel or sandwich shop, you may not need a POS system at the opening time, especially if you aren’t going to take credit cards (and there are plenty of places that still don’t accept plastic).In addition, some POS system manufacturers will tailor their software to your needs.For grad students, the most important proposal in the world is the thesis proposal.